House Ways and Means Committee Chairman Kevin Brady (R-Texas) on Monday unveiled a package of three bills touted as a sequel to the 2017 GOP tax law.

"Last year we said goodbye to Americas old, broken tax code," said Brady. "Under our new system, were seeing incredible job growth, bigger paychecks, and a tax code that works on behalf of families and American businesses. Now its the time to ensure we never let our tax code become so outdated again. We look forward to bringing these bills to the Committee soon.

The bills would make permanent some temporary aspects of the 2017 law, which were passed with expiration dates to accomodate budget rules that allowed the GOP to pass the law with no Democratic support. It would also include provisions aimed at boosting retirement savings and small business innovation.

The GOP has struggled to keep the political focus on the booming economy ahead of November's election, where forecasters see a good chance of Democrats taking over the House and possibly even the Senate.

Some vulnerable Republicans hoping to run on the tax cut and economy have been frustrated that scandals from the White House continue to drown out largely positive economic news.

Others in the GOP raised concern about the new round of tax cuts, which would make permanent a $10,000 cap for deducting state and local taxes, a provision that is unpopular in high-tax states.

Blue-state Republicans worry that focusing on the issue ahead of the election will make their reelection bids tougher.

Democrats blasted the new initiative.

The first Republican tax law hasnt helped workers get ahead  wages arent keeping up with inflation, costs for health insurance and prescription drugs are rising, and companies are laying people off and shipping jobs overseas," said Ways and Means ranking member Rep. Richard Neal (D-Mass.). "This new tax legislation is more of the same  it disproportionately benefits the wealthiest Americans while growing the nations debt even more."

Indeed. We've got the best economy we've had in decades and were on track for an $800 billion deficit for this year and it could be over a trillion dollars next year. Let's cut spending before cutting revenue even more.

News to me. The rates were dropped and standard deduction was raised, but the nightmare of the tax code was largely untouched. More people will be able to skip the complex parts but the nightmare is still there.

12
posted on 09/10/2018 3:17:38 PM PDT
by KarlInOhio
(Leave the job, leave the clearance. It should be the same rule for the Swamp as for everyone else.)

With all due respect to Rep. Kevin Brady, he is evidently clueless that Pres. Trump's 2017 tax reform, which was largely obstructed by the corrupt Congress left over from the lawless Obama Administration, only scratched the surface of the tax reform needed to make federal taxes constitutionally compliant.

In fact, patriots need to demand that new, post-2018 midterm election patriot lawmakers have the following Supreme Court clarification of Congress's limited power to appropriate taxes put on top of the universal, post-card sized tax return.

"The bills would make permanent some temporary aspects of the 2017 law, "

To the contrary about so-called permanent changes to tax law, patriots are reminded about the following.

The only way to make Trump's MAGA tax reform permanent is to support Trump in leading the states to repeal the 16th and ill-conceived 17th Amendments.

Again, to support anything that Trump tries to do, patriots need to fire state sovereignty-ignoring, anti-Trump career lawmakers in the 2018 midterm elections, and replace them with state sovereignty-respecting, Trump-supporting patriot lawmakers.

'The federal government racked up a $76.9 billion deficit in July, with increased government spending and tax cuts keeping the country on track to record its biggest annual deficit in six years.

The Treasury Department reported Friday that in the first 10 months of this budget year, the deficit totaled $684 billion, up 20.8 percent from the same period last year.

Revenues are up only 1 percent this year, the increase held back by a big drop in corporate tax payments. Spending is up 4.4 percent, reflecting a big boost Congress approved earlier this year for domestic and military programs and the rising costs of financing the debt.

The Trump administration last month sharply revised upward its deficit estimates, projecting annual deficits will once again top $1 trillion next year.

For the current budget year, which ends Sept. 30, the administration is now projecting a deficit of $890 billion. That would be up 33.7 percent from last years deficit of $665.8 billion.'

17
posted on 09/10/2018 5:29:45 PM PDT
by Theoria
(I should never have surrendered. I should have fought until I was the last man alive)

Give every Federal department and agency outside of defense and intelligence 6 months to identify a 10% budget reduction. If they do not comply, the budget gets reduced by 15%. I worked for a company that did something somewhat similar. The exercise trained the department heads to make smarter decisions regarding spending.

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